NAIROBI, Kenya – Equity Group on Thursday reported a robust profit after tax of 15.4 billion Kenyan shillings (about $117.7 million USD) for the first quarter of 2025, a significant gain attributed to the banking giant’s aggressive embrace of technology and its strategic expansion across the African continent.
The group’s total assets climbed 4% year-on-year to KSh 1.75 trillion, fueled by a 7% rise in customer deposits to KSh 1.32 trillion. Net loans also saw a 3% increase, reaching KSh 804.7 billion. Notably, Equity’s regional operations outside Kenya were powerful engines of growth, contributing 47% of total assets and 45% of profit before tax.
Dr. James Mwangi, Equity Group Holdings Plc Managing Director and CEO, underscored the twin pillars of their success. “We are proud of the resilience demonstrated by the Group amidst a challenging global economic landscape, where our financial strength provides the flexibility to seize opportunities as the regional economy presents diversified levers for growth,” Mwangi stated, highlighting how technology and regional breadth are positioning the group for sustained expansion.
Equity’s commitment to digital transformation is evident in its operations. A remarkable 87% of all transactions now flow through its digital channels, providing customers with secure, reliable, and seamless experiences. The Equity Mobile App and USSD platforms processed 39.5 million transactions, valued at KSh 942.7 billion, while Equitel handled 92 million transactions. The group’s foreign exchange trading platform, EazzyFX, saw transaction value rise to KSh 29.5 billion, and its merchant and payments platform, Pay With Equity (PWE), processed KSh 567.6 billion across more than 1.1 million merchants.
Beyond its digital prowess in Kenya, Equity Group’s strategic African expansion is clearly paying dividends. Its subsidiaries across the continent are driving substantial growth. Equity Bank Tanzania, for instance, saw deposits jump 14% and loans grow 9% year-on-year, with profit before tax soaring by 540%. Equity BCDC in the Democratic Republic of Congo (DRC) is a cornerstone of the group’s Africa Recovery and Resilience Plan, with customer loans up 9% to KSh 252.1 billion and deposits rising 8% to KSh 468.4 billion. This robust regional performance reinforces Equity’s position as a cross-border financial powerhouse.
The group’s non-banking subsidiaries, including investment banking, fintech, and insurance, are also thriving. The insurance business saw profit before tax climb 27% to KSh 414 million, largely thanks to 80% of its 15.3 million policies being distributed digitally. The group is even working to acquire a health insurance license to further expand its offerings. Investment banking and technology businesses reported profitability growth of 142% and 10% respectively, further diversifying the group’s revenue streams.
Equity Group maintained strong financial health with a Non-Performing Loan (NPL) ratio of 14%, below the industry average, and NPL coverage at 67%. Net interest income increased by 3% to KSh 28.6 billion, while total expenses decreased by 1% to KSh 29.5 billion, contributing to the KSh 18.7 billion pre-tax profit.
Mwangi emphasized the group’s broader vision, stating that its focus on financial inclusion, regional expansion, and sustainable growth positions it as a “catalyst for economic empowerment and resilience across Africa.” This comprehensive approach, combining technological innovation with a strong regional footprint, is clearly fueling Equity Group’s impressive earnings.
